I read that ROC holder are hoping for a better offer from Horizon. From the comments below this is is most unlikely:
Horizon Oil confirmed it expected Roc to terminate the merger implementation agreement. Horizon Oil managing director and CEO Brent Emmett said: "While the Board of Horizon Oil saw value potential in creating what we considered would be a leading Asian mid-cap energy and petroleum company, we note and respect Roc's decision to be acquired for cash, as a low-risk means of achieving immediate value for its assets, bringing an end to Roc's 15-year history as an ASX listed oil and gas company. “We wish Roc and its new owners well with their future endeavours,” he added. “The board believes shareholders in Horizon Oil can look forward to a bright future through value realisation and cash flow generation from Horizon Oil's diversified portfolio of production, development and exploration assets. “In particular, prospects for our PNG business, which was the focus of Roc’s merger ambitions, remain very strong with encouraging recent progress.”
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